Behaviour of the 100 Richest BTC Addresses is BULLISH!
Very interesting the information provided by https://bitinfocharts.com/ regarding the BITCOIN RICH LIST which is a list that contains the largest BITCOIN addresses including their daily movements as well as the weekly and monthly variation of each BTC address.
Analyzing only the Top 100 richest addresses in BITCOIN, those that have between approximately 10,000 and 1,000,000 BITCOINS, we can extract very valuable information that could be used to determine the state of the market and the coming trend.
This is just a personal hypothesis but I would like to follow it weekly and draw conclusions from this follow-up.
That is why I have created the following charts extracted from the information provided by the aforementioned website.
Weekly Status of Top 100 BTC addresses
- Of the 100 richest addresses only 18 have been active during the last 7 days, 12 of which we can qualify as "BUYING" and 6 as "SELLING" addresses
- The graph above denotes that the amount of BITCOIN bought by the top100 is 4 times higher than that sold
In this situation, I would dare to say that the MARKET IS CLEARLY BULLISH and in FULL ACCUMULATION caused by whales.
Monthly Status of Top 100 BTC addresses
- 26 out of 100 BTC Richest addresses have been active for the last 30 days, 18 "BUYING" addresses and only 8 "SELLING" addresses.
- In total these "WHALES" have bought 78701 BTC (3,344,792,500 $) and 37161 BTC have been sold
According to these data and taking into account that what is bought is twice what is sold, I dare to say that the trend is also BULLISH.
However, the interesting thing is to see what happens on a weekly basis. I will continue to update the graphs and weekly conclusions, the objective is to see the behavior of the whales in front of the market since they are the ones that have even more information and more power than the rest of the mortals.